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Hyundai Invests into Revv for Mobility Service Expansion in India

Hyundai Invests into Revv for Mobility Service Expansion in India

Snapshot: Hyundai and Revv will work together on car sharing products and new mobility service platforms.

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Shared mobility is growing fast in India and Hyundai aims to grab a large chunk of the category. Keeping an eye to this aim, Hyundai has strategically invested into Revv, a fast growing elf-drive car sharing company. Both the companies will work together on car sharing products and new mobility service platforms. With this strategic partnership, Hyundai gained its first foothold in the Indian car sharing market.

The two companies will jointly build competitive technology necessary for leading the future mobility market in India, where the concept shared mobility has been increasing fast in last couple of years. Currently around 15,000 vehicles are being used in India for shared mobility and the number is expected to grow to 50,000 by 2020 and 1.50 lakh by 2022.

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The heavy users of shared mobility in India are the millennials, who comprise 35% of the total population of the country. Therefore, the shared mobility industry in India has a huge growth potential in coming years. Speaking about Hyundai’s move, Mr. Young Key Koo, managing director and CEO of HMIL said, “We are just about to step forward and expand our business into the future mobility with Revv. Hyundai Motor India will build prominent system with both ‘Open Innovation’ strategy and India’s fastest growing self-drive car sharing company, Revv.”

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